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Drama at Delhi airport over Air India flight to London being delayed by 3 hours; DGCA issues warning

Drama at Delhi airport over Air India flight to London being delayed by 3 hours; DGCA issues warning

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Investor who called 2008 crash says 2022 is a plane crash

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Edison Motors To Acquire Ssangyong Motor Company

Mahindra & Mahindra will finally let go of the debt-ridden SsangYong Motor Company as a local consortium led by Edison Motors has agreed to acquire the South Korean carmaker. The electric car company will acquire SsangYong for Rs. 1,882 crore. The consortium has asked for a 95 per cent stake in SsangYong against their investment, the automaker said in a regulatory filing. Mahindra held the majority 75 per cent stake in SsangYong. The announcement comes amidst the ailing automaker's struggles to find a new buyer due to mounting losses. SsangYong's sales declined 21 per cent in 2021 with the company reporting an operating loss of Rs. 1,473 crore with a revenue of Rs. 11,140 crore. Mahindra acquired SsangYong in 2010 bringing it back from near-bankruptcy at the time. The company did attempt several turnaround strategies for the brand that included introducing new products and co-developing platforms. However, the automaker's worsening financial health prompted the Indian auto giant to finally let go of the company.

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